yes, he can but he has to entered into the agreement through his gaurdian who is not legallly incompetent to be gaurdian.
Examples would be putting aside collehe tuition money for your 12 year old or accumulating enough money to for a down payment for a house
She should be able to as long as she has a place to go, and enough money to pay for it for at least one year.
Not if she already paid taxes on it, or she can gift up to 12k a year.
yes
NOt enough
20-28k a year. Not enough
Not enough!
Yes, you will have to pay taxes. You can take the money lump sum and pay the taxes this year, or you can roll it over into an inherited IRA and pay the taxes as the money is distributed. You will be taxed at your normal marginal tax rate.
do jobs in the house
Enough to party
In a full year.....on average about 250 bucks. This is counting allowance, money found around the house and on the street and, birthday/holiday money.
Simple chores and extra jobs around the house are enough to make a little cash. Don't ask for more money then $5. Be happy with what you have. If you only get 50 cents, your parents don't have much money at the moment to give you. Just ask them.